LiveMore changes include lower, more frequent overpayments
Over-40s lender LiveMore has made a series of changes to enable borrowers to make more frequent overpayments on equity release mortgages, as well as greater flexibility around LTVs across the entire product range.
It says the changes remove some of the traditionally rigid lending rules associated with later life mortgages and increases the choice available to borrowers and brokers looking to place cases.
Minimum payment reduced to £25
The changes include the ability for equity release customers to make an unlimited number of overpayments within their early repayment charge allowance, typically up to 10% per annum. The company has also reduced the minimum payment amount from £200 to £25, allowing borrowers to make smaller, more frequent, overpayments.
The company has also launched an ‘Age Next Birthday’ capability into its Equity Release proposition. This allows borrowing to be assessed using a customer’s next birthday if it falls within 60 days, allowing eligible clients to access higher borrowing amounts sooner, rather than having to wait until after their birthday to submit an application.
Meanwhile, enhancements to its loan-to-value (LTV) assessments on Equity Release mortgages include increasing the maximum LTV available on its non-Equity Release mortgage range by 5% up to 85% from 80%, available on every LiveMore mortgage with a repayment element, including Capital and Interest and Part and Part mortgages.
Leon Diamond, CEO of LiveMore, said: “LiveMore is growing rapidly and part of this is due to the fact that we continue to challenge norms and do things differently.
“Lending into retirement can now apply to people aged just 40 if they take out a 30-year mortgage. Fewer and fewer people now fit neatly into lending criteria that extends to age 70 plus, so changes like the ones we’ve made at LiveMore can make a meaningful difference to the options available to customers.”
